Provided is an air conditioning apparatus. The air conditioning apparatus includes an outdoor unit which includes a compressor and an outdoor heat exchanger and through which a refrigerant is circulated, an indoor unit through which water is circulated, a heat exchanger in which the refrigerant and the water are heat-exchanged with each other, a water tube configured to guide the water circulated through the indoor unit and the heat exchanger, a pump installed in the water tube, and a controller configured to analyze an output signal of the pump so as to calculate a ration of an air layer in the water tube, the controller being configured to control a target supercooling degree or target superheating degree of the heat exchanger according to the calculated ratio of the air layer.